ST. PETERSBURG, June 15. /TASS/. The Independent Petroleum Company (IPC) plans to borrow funds in foreign banks to finance acquisition of a stake in the oil producer Bashneft, IPC Chief Executive Officer Eduard Khudainatov said on Wednesday.

"We examined this matter. These will be overseas borrowings, not from state-owned banks," Khudainatov said.

It’s difficult to indicate the possible amount of loans, the chief executive said. "We do not know what will be sold. What problems and what investment commitments are there," Khudainatov said.

The IPC will bid for the controlling stake in Bashneft, Khudainatov said earlier in April. It was reported also that Lukoil also intends to acquire the stake in Bashneft.